Corporate Finance

[Webinar] New Conduct Requirement on Bookbuilding and Placing


In February 2021, the Securities and Futures Commission (“SFC”) published a consultation setting out the standards of conduct expected for Capital Market Intermediaries (“CMI”) and Overall Coordinator (“OC”) in bookbuilding, pricing, allocation and placing activities, as well as the “sponsor coupling” proposal to require that in an IPO there must be at least one OC which also acts as an independent sponsor (Sponsor-OC).

The consultation conclusion published in October 2021 adopted most of the proposals and made the relevant amendments to the Code of Conduct and the GEM Placing Guideline. HKEX also published consequential amendments to the Listing Rules. All of these amendments have been taken effect from 5 August 2022.


The course will focus on how these regulatory changes affect the way the sponsors and underwriters market and carry out their respective services.

1. Background
2. Key amendments for listing applications and SPAC
3. Effective date for the new rules
4. Syndicate structure in HK IPO
5. Definitions introduced by the new rules
6. Appointment of sponsor, CMI, OC and Sponsor-OC
7. Fee arrangement for CMI / OC / Sponsor-OC
8. OC announcement
9. Procedural requirements

Who should attend

Listing applicants, sponsors, underwriters, global coordinators, bookrunners, lead managers.

Speaker/Course Instructor

Daniel WAN
Daniel Wan specialises in Hong Kong IPOs. Daniel graduated from the University of Leicester, UK with a first class honours degree in law.

Daniel has helped over 30 companies to list in Hong Kong. In terms of total number of successful HK IPOs, Daniel's team is one of the leading IPO legal teams acting for underwriters. Daniel's team is recognized by Legal 500 under the "Hong Kong – Capital Markets (Equity)" category in five consecutive years of 2018 to 2022. The Legal 500 has the following comment on Daniel's team: "The team has a high-level of knowledge and experience, together with a professional service."


Date & Time
Friday, 16 Dec 2022 (12:00PM - 2:00PM)
Virtual Platform
Relevant Subject
Type 1 - Dealing in securities
Type 6 - Advising on corporate finance
Type 6 - Advising on corporate finance - Sponsor
Regulatory Compliance
SFC:2.00, PWMA:2.00